Hero MotoCorp is the latest company to slash the prices of its electric scooter range. The entry-level Vida V1 Plus is now cheaper by Rs 25,000 while the top-of-the-line Vida V1 Pro’s price is cut by Rs 19,000.
Hero Vida: Why the price cut?
Major electric vehicle manufacturers have been caught flouting the Ministry of Heavy Industries (MHI) FAME II subsidies by additionally charging customers for portable chargers as accessories. Hence, companies like Ola Electric, Ather Energy, TVS Motor and now Hero MotoCorp have confirmed to reimburse customers who bought chargers along with the two-wheeler EV.Â
Ola Electric has confirmed that they will reimburse Rs 130 crore to one lakh customers who had bought S1 Pro till March 30, 2023. Based on a report, Ather Energy will compensate Rs 140 crore to 95,000 customers who bought the 450X up to April 12, 2023, Rs 15.61 crore by TVS Motor to 87,000 iQube S owners from May 2, 2022, and March 2023 and Hero MotoCorp will refund Rs 2.23 crore to 1,100 customers.
According to the FAME II rules, an electric two-wheeler costing above Rs 1.5 lakh, ex-showroom, will not be able to take benefit from the subsidies. Both Okinawa and Hero Electric were found guilty of subsidy violations and are fined Rs 249 crore.Â
Hero Vida: New Prices
Hero MotoCorp has rolled back the prices of the Vida electric scooters. When launched in October last year, the V1 Plus was priced at Rs 1.45 lakh and is now available at Rs 1.20 lakh and the top model V1 Pro was Rs 1.50 lakh which is now Rs 1.40 lakh, ex-showroom. These new prices include both the portable charger and the FAME II subsidy. After the slash in prices, the V1 scooters are now competitively priced when compared to its direct competitors, Ola Electric and Ather Energy. The Ola Electric’s range starts from S1 Air at Rs 99,999, S1 at Rs 11.5 lakh and S1 Pro at Rs 1.25 lakh,ex-showroom. The Ather 450X, on the other hand, begins from Rs 98,079 and the 450X with Pro Pack is available at Rs 1.28 lakh, ex-showroom Delhi.
